Orders received and sales are on target. The earnings figures too reflect the Group's constancy and solidity.
"The recovery in our core markets is tangible, but so too are delays in project financing, especially in the energy sector. This ambivalence is characteristic of our day-to-day business," says Dr. Hubert Lienhard, President and CEO of Voith AG. "Thanks to the broad-based portfolio we have built up over the years, this year once again we are successfully exploiting growth opportunities wherever they present themselves. This is allowing us to make up for the weakness of markets in segments that respond more slowly to economic cycles."
Orders received by the Voith Group totaled €2.6 billion in the first half of fiscal 2009/10 (to March 31, 2010). This figure already marked a significant 39% jump in the order intake compared to the second half of the previous fiscal year. At the same time, it is approximately 14% down on the same period a year ago – a period still influenced by a very positive first quarter (October through December 2008). In the period under review, the volume of orders received was already higher than the average value of the two previous six months periods and was thus well in line with Group expectations.
The Voith Group's consolidated sales stood at €2.3 billion in the first half of fiscal 2009/10, slightly down 6% on the same period in the previous year.
Operational result before the non-recurring result totaled €145 million in the period under review, up from €131 million in the first six months of fiscal 2008/09. Income before tax was up 11% from €67 million in the first half of the previous fiscal year to €74 million in the first half of fiscal 2009/10.
Despite the persistently difficult economic climate, Voith recorded net income totaling €35 million in the first half of fiscal 2009/10. This figure remains roughly unchanged from the €39 million posted in the same period a year ago. The quality of this performance must be rated as especially positive given that it includes a one-time charge against earnings of €39 million due to unscheduled write-downs on individual held-for-sale marketable securities. Without this negative one-time effect, net income would have nearly doubled year on year.
For the current fiscal year as a whole, Voith can confirm the statements about business development made at the start of January 2010. The Group still expects both the order intake and earnings to reach the previous year's levels. The varied pattern of business witnessed to date at Voith's different Group Divisions – due to cyclical factors in different industries and growth potential in different markets and regions – will continue through the remainder of fiscal 2009/10.
Voith (voith.com) sets new standards in the paper, energy, mobility and service industries. Founded in 1867, it is today one of the largest family-owned companies in Europe, employing 39,000 people at 280 locations around the world and posting annual sales of €5.1 billion.